HomeMy WebLinkAbout1998-03-26 Minutes•
MINUTES OF
FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board was held on Thursday, March
26, 1998 at 11.00 a.m., in room 326 of the City Admimstration Building, 113 W. Mountain,
Fayetteville, Arkansas.
Present: Marion Doss, Bill Morris, Ron Wood, and Heather Woodruff (City Clerk).
Absent: Mayor Fred Hanna, Pete Reagan, and Darrell Judy.
CALL TO ORDER
Marion Doss called the meeting to order.
APPROVAL OF MINUTES
Mr. Ron Wood moved to approve the minutes. Mr. Bill Morris seconded the motion. The
motion carried unanimously.
PENSION LIST
Mr. Doss noted the addition of Mr. Gage and Mr. Dill to the pension list as drop participants.
Mr. Morris moved to approve the pension list. Mr. Wood seconded the motion. The motion
carried unanimously.
INVESTMENT REPORT
Mr. Yada stated the retirement plan was up to $11,530,195. He noted the Keystone account had
good performance in 1997, but had changed ownership and management. He suggested
switching the money to another growth company. He recommended terminating Keystone and
switching to Ashland Management Company.
Mr. Wood moved to terminate Keystone Company and to move to Ashland Management. Mr.
Morris seconded the motion. The motion carried unanimously.
OLD BUSINESS
Mr. Doss explained to Mr. Rose, City Attorney, that the Board had questions regarding the use of
their money for advertising purposes in reference to rollback.
Mr. Rose did not believe the rollback legation would affect them. He stated the City of
Fayetteville, was a minor player in the law suit While some refunds might be necessary, it did
not affect the present millage. The present millage would not be rolled back. He reassured if a
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refund was required it would not dffect their fund. All refunds would come out of the General •
Fund.
NEW BUSINESS
Mr. Doss noted the pension board elections were m May. Darrell Judy's and Pete Reagan's terms
were up.
Mr. Doss stated the Board had received a DROP application from Mr. Freedle.
Mr. Wood moved to approve the application. Mr. Morris seconded the motion. The motion
carried unanimously.
The meeting adjourned at 11:35.
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